💱UK Pound Sterling/US Dollar FX Spot Rate
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UK inflation slowed more than expected, reducing pressure on the Bank of England to raise rates, which weakens GBP.
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UK inflation in June slowed to 2.6% year-on-year, the lowest rate since March last year and below analyst forecasts of 2.7%, easing from 2.8% in May. The slowdown was helped by lower fuel prices after a brief de-escalation of tensions in the Middle East. UK inflation has remained above the Bank of England's 2% target for most of the past five years, while the central bank says inflation is likely to rise to 3% in the third quarter of 2026.
UK inflation slowed more than expected, reducing pressure on the Bank of England to raise rates, which weakens GBP.